FOUNTAIN VALLEY, CALIF. — Faris Lee Investments has brokered the sale of a five-acre mixed-use redevelopment site known as Brookhurst & Warner in Fountain Valley, in the heart of Orange County. An undisclosed buyer acquired the site for $17.5 million. Rick Chichester, Tom Chichester and Nick D’Argenzio of Faris Lee Investments represented the undisclosed seller in the deal.
LONG BEACH, CALIF. — Century Housing, in partnership with the City of Long Beach and The Long Beach Community Investment Company, will host a grand opening May 7 at The Beacon, an affordable housing community for seniors and veterans in Long Beach, just south of Los Angeles. “There’s no denying that this past year has been a very difficult and painful year on many, many levels,” says Brian D’Andrea, senior vice president with Century. “This development represents a source of light and hope for all of us, including the more than 200 residents who now call The Beacon home along with the larger Long Beach community.” “We are committed to continuing the investment of our resources in developments like The Beacon that fill the vital need for additional affordable housing in the city,” adds Patrice Wong, chair of The Long Beach Community Investment Company, which approved more than $12 million in funding for the project in 2017. The Beacon is a transit-oriented development that includes 160 affordable and supportive homes. The site is located across from the Metro Blue Line light rail and bus lines that operate along both Long Beach Boulevard and East Anaheim Street. “The Beacon is a …
EL CENTRO, CALIF. — CareTrust REIT Inc. (NASDAQ: CTRE) has acquired El Centro Post-Acute Center, a 123-bed skilled nursing facility located adjacent to the El Centro Regional Medical Center. El Centro is located in Imperial County near the border with Mexico. The facility has been added to CareTrust’s existing master lease with San Diego-based Bayshire Senior Communities, which sourced the off-market transaction and turned to CareTrust to finance and close the deal. Terms of the transaction were not disclosed. Scott Kirby, Bayshire’s CEO, found the El Centro opportunity after the facility had fallen out of contract with a previous buyer. “The seller had aggressive timing expectations after suffering through significant turnover within their management team, a recent COVID outbreak, the general fatigue of operating the facility for 20 years and a sale transaction that went south,” says Kirby. Dave Sedgwick, CareTrust’s president and chief operating officer, notes that Imperial County appears to be significantly under-bedded, with only 250 skilled nursing beds to absorb the 9,500 annual discharges from its two hospitals and over 25 percent of local Medicare referrals being sent more than an hour away to Yuma and San Diego. Care Trust has committed $150,000 for initial capital improvements to …
LOS ANGELES — CGI+ Real Estate Investment Strategies, in partnership with Megdal Investments, has acquired the third and final piece of a 1.7-acre land assembly at the southwest corner of Franklin and Western avenues in Los Angeles’ Los Feliz neighborhood. The single-tenant, 24,000-square-foot property, which Rite Aid formerly occupied, will be redeveloped into 31,000-square-foot Lazy Acres Market, a division of Good Food Holdings. The organic grocery store signed a long-term lease with CGI+. The new store is scheduled to open by year’s end. CGI+ has started renovations and redevelopment, which include reducing the building to its shell and core and increasing the building footprint by 30 percent, or 8,500 square feet. Additionally, the development team will create a new façade and install new electrical and plumbing systems.
HESPERIA, CALIF. — CBRE has arranged the sale of Eagle Plaza, a shopping center located at 15776 Main St. in Hesperia. A Texas-based private buyer acquired the asset for $5.4 million. Alan Krueger and Vanessa Haddad of CBRE represented the seller, a private local investor, in the deal. Totaling 39,877 square feet, Eagle Plaza is occupied by five tenants, including a donut shop, laundromat and sandwich store that have occupied the property since it opened in 1989. The other two tenants are government-funded school district operations.
LOS ANGELES — Bain Capital Real Estate, the real estate investing business of Bain Capital, and BARDAS Investment Group, a boutique real estate development and investment firm, have submitted plans to the City of Los Angeles for the development of Echelon Studios. The five-acre site is located at 5601 Santa Monica Blvd. in Los Angeles’ Hollywood neighborhood. The $450 million urban studio campus will feature four 19,000-square-foot sound stages, a 15,000-square-foot flex stage and a 90,000-square-foot creative village of high-end bungalows. Additionally, the project will include 350,000 square feet of creative office space spread across two mid-rise office buildings. Campus amenities will include food and beverage, a central courtyard, shared specialized production space and collaboration areas, as well as outdoor decks, patios and other exterior common areas to maximize available square footage and create filming and event space. In conjunction with the development plans, the partnership announced the launch of Echelon, the real estate industry’s first dedicated content media real estate platform. The new platform will serve as the brand for the joint venture’s investments.
SANTA ANA, CALIF. — BH Properties has purchased Freeway Corporate Park, a multi-tenant office complex located within Orange County Greater Airport Area/Irvine Business Park in Santa Ana. Terms of the transaction were not released. Totaling 128,266 square feet, the two-building property is located at 2501 Pullman St. and 1700 E. Carnegie Ave. At the time of sale, the property was 56 percent leased to two tenants – Iteris and Orange County Head Start Inc. The two buildings are connected by a skywalk, and the property has undergone capital enhancements over the course of the previous owner’s tenure. Bob Caudill of Colliers International represented the buyer, while Kevin Shannon, Paul Jones, Brunson Howard and Brandon White of Newmark represented the undisclosed buyer in the deal.
CARSON, CALIF. — New York-based Thor Equities Group has purchased a last-mile warehouse facility located at 2575 El Presidio in Carson. An undisclosed seller sold the asset in an off-market, sale-leaseback transaction. Marc Schillinger and Keith Rosso of JLL Capital Markets arranged $15.9 million in acquisition financing for the buyer. National Life Group provided the seven-year, fixed-rate, interest-only loan. Built in 1972 on six acres, the 196,300-square-foot building features 22-foot clear heights, nine loading positions, office and mezzanine space and ample parking. The seller/tenant fully occupies the property.
BRISBANE, CALIF. — Phase 3 Real Estate Partners and Bain Capital Real Estate have received a more than $400 million construction loan for Genesis Marina, a waterfront life sciences campus in Brisbane. Located on 8.7 acres within South San Francisco’s life sciences cluster, Genesis Marina will offer 570,000 square feet of Class A life sciences space. Tim Wright, Todd Sugimoto and Daniel Pinkus of JLL Capital Market arranged the financing through Barings LLC for the borrower.
REDDING, CALIF. — Merrill Commercial Real Estate has arranged the sale of a two-property portfolio made up of 151 units of assisted living and memory care in Redding. The properties went under contract pre-pandemic. Since that time, the occupancy dropped nearly 20 percent as a COVID outbreak in one of the locations took a toll. Despite this, the buyers stuck with the deal. A private equity group looking to expand in California acquired the properties from an independent owner-operator for $18 million. Tyler Merrill arranged the transaction.
